What kinds of financial aid exist?
A variety of financial assistance for post high school education/training is possible. There are three main types of financial aid: (1) Scholarships and Grants:money that you don’t have to repay, usually based on financial need, (2)Loans: money that you can borrow at low interest rates, then repay after college, and (3)Work Study: part time jobs offered to you on campus. HOW DO I APPLY FOR FINANCIAL AID? 1. First, as you fill out a college application, be sure to check any box showing that you want to be considered for financial aid. 2. Next, in January, get all of your tax return information organized early, because you will need it to accurately complete the FAFSA form. The FAFSA form is required by all colleges to determine if you’ll qualify for federal aid and some state aid. This form is available on-line (http://www.fafsa.ed.gov or in paper version from the student services office. Regardless of the number of schools you apply to, you’ll only need to fill out one FAFSA. The feder
There are grants and scholarships, loans (for parents or students) and work-study programs. Where do Financial Aid funds come from? The money that is provided to students through financial aid programs comes from three primary sources: the U.S. government, banks and other lending institutions, and nonprofit and state-lending agencies. What kinds of loans are available? As far as loans that are provided by the federal government, there are two types (both either subsidized or unsubsidized): Federal Direct Loans and FFELP (Federal Family Education Loan Program) Loans. Federal Direct Loans are paid to students “directly” from the U.S. government; FFELP loans are paid through a lender, and that lender’s money is consequently insured by the U.S. government. A FFELP lender might be a bank, a commercial organization, or a nonprofit agency. Most schools in the U.S. have been providing FFELP funds, rather than Federal Direct Loans, for their students. Last year, more than 78 percent of all new
A variety of financial assistance for post high school education/training is possible. There are three main types of financial aid: (1) Scholarships and Grants:money that you don’t have to repay, usually based on financial need, (2) Loans: money that you can borrow at low interest rates, then repay after college, and (3) Work Study: part time jobs offered to you on campus.
